Kenya Airways is seeking a major investment in its expansion through investment firm Kestrel Capital.

Reuters Africa reported that it plans to raise up to $250 million this year, in order to fund its acquisition of a new fleet, which looks likely to include a total of nine Dreamliners.

The airline had already indicated in February that it plans to expand its African routes this year; however, Kenya Airways spokesman Chris Karanja told the news agency that he could not confirm the amount of the investment required, as indicated by Kestrel.

Kestrel said: "Although KQ (Kenya Airways) has not officially announced the funding strategy, it is likely that KQ will raise the funds through a rights issue due to its already highly leveraged balance sheet."

It added: "We think the airline is fairly priced compared to our Africa/Middle East aviation sector peer group and also offers an attractive entry point to the continent's aviation sector."